Ask Ken: A baker's dozen of ideas for financial wellness

The other day I was offered a baker's dozen of donuts and I thought why not a baker's dozen of suggestions for financial wellness.

Suggestion 1: Don't spend more than you make. This is a sure way of getting into debt. I am reminded that it is a lot easier getting into debt than getting out of debt.

Suggestion 2: Don't try to keep up with the Joneses. Will Rogers said "I have never seen so many people spending so much money to impress people they don't even like."

Suggestion 3: Develop a savings plan. Without a savings plan you can't and won't reach any of your financial goals. You have to come up with a reason or reasons to save. You need savings for an emergency fund, vacation, retirement, etc.

Suggestion 4: Pay monthly bills on time. By paying your bills every month, you will keep your good credit rating. In addition, you won't have to pay late fees.

Suggestion 5: Limit the amount of debt on credit cards. Limit the number of cards you use and never use more than 45 percent of your available credit line on any credit card.

Suggestion 6: Protect yourself against risk. Each of us faces numerous risks in our lives so it is important to have the right insurance, including car, health, life, disability, home, and/or renters' insurance to protect you and your family.

Suggestion 7: Check your credit report annually. You can get a free copy of your credit report at www.annualcreditreport.com. Check it for accuracy and to make sure your identity has not been stolen

Suggestion 8: Teach your children to handle money wisely. If you're not handling money wisely, it's hard to teach your children to do so. Be a good example. If you give your child a $10-a-week allowance, at the end of the week they should be able to tell you how the money was spent or if any of it was saved.

Suggestion 9: Plan for retirement. The future expectations have changed for everyone, young and old, so start planning now.

Suggestion 10: Have a will and health care power of attorney. Whether you're single or married, you should have a will or trust. You should have written instructions regarding what happens at the end of your life.

Suggestion 11: Avoid get-rich-quick schemes. In these tough financial times it is easy to fall victim to pyramid schemes and other get-rich-quick schemes.

Suggestion 12: Do a spending plan. More commonly called a budget. Now that you have looked at all of the rest of the suggestions you need to put together a plan that will help you accomplish the suggestions for financial wellnes. You don't have to do it alone. There is help out there. So just ask for it. You can call our agency, mention this column and we will do a FREE assessment for you.

Suggestion 13: Get off your butts and just do it. We can make excuses all day, but this, but that. Quit making excuses and just do it.

Family Service Association is a United Way agency that helps people improve their financial stability and quality of life by providing education, counseling, advocacy and financial management programs.

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Ask Ken: A baker's dozen of ideas for financial wellness

The other day I was offered a baker's dozen of donuts and I thought why not a baker's dozen of suggestions for financial wellness.

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